RBI released its Annual Report 2024–25, covering key aspects of:
- Monetary policy
- Financial stability
- Regulatory reforms
- Economic developments
Key Takeaways from RBI Annual Report 2024–25
Global Economy
- Global GDP growth in 2024: 3%, below historical average of 3.7%
- Projected growth: 8% (2025), 3.0% (2026)
- Global inflation: 7% (down from 6.6% in 2023)
Indian Economy
- India’s GDP growth: 5% (fastest among major economies)
- Agriculture GVA: +4.6%; Industrial: +4.3%; Services: +7.5%
RBI Balance Sheet
- Grew by 2% YoY; Income: +22.77%; Expenditure: +7.76%
- Record surplus: ₹68 lakh crore
- Gold holdings rose to 58 MT (+57.48 MT)
- Foreign assets:27% of total; Domestic assets: 25.73%
Inflation Trends
- Headline inflation: 6% (down from 5.4%)
- Core inflation: 5%; Food inflation: 2.9%
- Fuel deflation: −2.5%
Monetary Policy
- Repo rate: Maintained at 50%
- Policy stance: Shifted to neutral (Oct 2024)
- CRR (cash reserve ratio) cut to 4% (Dec 2024)
External Sector
- Exports: +0.1%; Imports: +6.2% → Trade deficit: $282.8 bn
- Current Account Deficit (CAD) : 3% of GDP; Forex reserves: $668.3 bn
Household Savings
- Net household savings: 1% of GNDI (Gross National Disposable Income)
Financial Sector
- Credit growth > deposit growth
- Gross Non-Performing Assets (NPA) ratio and Net NPA ratios declined
- Urban Cooperative Banks (UCBs) showed better asset quality
Digital Payments & Inclusion
- Digital payments: +34.8% in volume, +17.9% in value
- UPI: 5% of global real-time payments
- Financial Inclusion Index: 2 (up from 60.1)
- RBI campaigns: Mini Money, Junior Money
Regulatory/Tech Measures
- Launched ‘.bank.in’ domain for cybersecurity
Central Bank Digital Currency (CBDC) pilot expanded to 17 banks, 60 lakh users
- Introduced FinTech & EmTech Repositories for AI/ML tracking
Fiscal Indicators
- Centre’s Gross Fiscal Deficit: 7% of GDP
- Capital expenditure: +5.2%; Revenue expenditure: +5.8%
- States’ GFD (Gross Fiscal Deficit): likely within 2% of GDP
Outlook 2025–26
- GDP growth: 5%
- Inflation target: 0%
- Fiscal deficit target: 4%; public debt-GDP ratio goal: 50% by 2031
Challenges Highlighted
- Fake Currency: Surge in counterfeit ₹200 (+13.9%) & ₹500 (+37.3%)
- Bank Fraud: Fraud value tripled to ₹36,014 crore
- Global Risks: Protectionism, US tariffs, geopolitical tensions
- Inflation Control: Food price volatility persists
- Capex vs Fiscal Discipline: Balancing 5.2% growth in capex with fiscal goals
- Climate Risks: Agriculture productivity threatened
Recommended Measures
- Curb Food Inflation: Improve agri-logistics, buffer stock management
- Strengthen Banking Safety: AI tools (e.g. Mulehunter), fraud detection
- Digital Innovation: Expand CBDC, digital governance
- External Resilience: Diversify trade, build forex buffers
- Productive Capex: Focus on infra, green energy, digital projects
- Green Financing: Scale green bonds, ESG-based investment
- Climate Adaptation: Integrate climate risk in financial regulation
RBI report underscores the balance between growth and stability amid global headwinds.
